Macklowe Loses 1330 Avenue of the Americas to Foreclosure
It is not just the homeowners that are facing foreclosures. Harry Macklowe, renowned real estate investor and maverick, has lost a Manhattan skyscraper for 100,000 dollars. The investor was a big buyer at the top of the market and got horribly extended, now is losing properties as the market has backed off and he can not refinance his loans.
New York developer Harry Macklowe lost 1330 Avenue of the Americas in a foreclosure auction after he defaulted on a $130 million mezzanine loan. The building sold for $240.1 million, 52 percent less than what he paid in 2006.
Otera Capital, a unit of Canada’s biggest pension fund, placed the minimum bid of $100,000 for Macklowe’s stake in the 40-story property, and assumed the $240 million mortgage. It’s the second mezzanine loan foreclosure of a U.S. skyscraper in less than a month. On March 31, Normandy Real Estate Partners and Five Mile Capital Partners acquired Broadway Partners’ stake in Boston’s John Hancock Tower after Broadway defaulted. via Bloomberg.com.
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Comment by randi on 24 April 2009:
these are very dangerous sign to homeowners planning to sell